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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company measures its cash equivalents, customer funds, short-term and long-term marketable debt securities, marketable equity investments, and bitcoin investment at fair value. The Company classifies these investments within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

The Company’s assets and liabilities that are measured at fair value on a recurring basis were classified as follows (in thousands):
December 31, 2025December 31, 2024
Level 1Level 2Level 3Level 1Level 2Level 3
Cash equivalents:
Money market funds$608,807 $— $— $857,196 $— $— 
U.S. government securities4,963 — — 26,951 — — 
Commercial paper— 64,805 — — 509 — 
Corporate bonds— 276 — — — — 
Restricted Cash:
Money market funds293,514 — — 319,800 — — 
Customer funds:
Money market funds— — — 4,645 — — 
Reverse repurchase agreement1,108,097 — — 982,974 — — 
Short-term debt securities:
U.S. government securities344,627 — — 206,785 — — 
Corporate bonds— 59,119 — — 160,390 — 
U.S. agency securities— 19,035 — — 34,468 — 
Commercial paper— 92,655 — — 333 — 
Municipal securities— 130 — — 399 — 
Certificates of deposit— 2,211 — — 1,051 — 
Long-term debt securities:
U.S. government securities100,467 — — 223,258 — — 
Corporate bonds— 81,469 — — 195,344 — 
U.S. agency securities— — — — 49,030 — 
Municipal securities— 6,951 — — 4,345 — 
Other:
Bitcoin investment
777,515 — — 792,282 — — 
Investment in marketable equity securities5,225 — — 5,407 — — 
Total$3,243,215 $326,651 $— $3,419,298 $445,869 $— 

The carrying amounts of certain financial instruments, including settlements receivable, consumer receivables, accounts payable, customers payable, accrued expenses, and settlements payable, approximate their fair values due to their short-term nature. The carrying amounts of the Company's warehouse funding facilities approximate their fair values.
The Company estimates the fair value of its convertible and senior notes based on their last actively traded prices (Level 1) or market observable inputs (Level 2). The estimated fair value and carrying value of the convertible and senior notes were as follows (in thousands):
December 31, 2025December 31, 2024
Carrying ValueFair Value (Level 2)Carrying ValueFair Value (Level 2)
2026 Senior Notes$998,827 $993,144 $996,017 $960,589 
2030 Senior Notes1,185,533 1,209,528 — — 
2031 Senior Notes992,372 932,095 990,971 873,868 
2032 Senior Notes1,977,734 2,057,081 1,975,026 1,999,220 
2033 Senior Notes987,581 1,013,732 — — 
2025 Convertible Notes— — 999,497 991,941 
2026 Convertible Notes574,432 566,103 572,723 533,154 
2027 Convertible Notes572,539 530,171 571,202 497,517 
Total$7,289,018 $7,301,854 $6,105,436 $5,856,289 

The estimated fair value and carrying value of loans held for sale and loans held for investment were as follows (in thousands):
December 31, 2025December 31, 2024
Carrying ValueFair Value (Level 3)Carrying ValueFair Value (Level 3)
Loans held for sale$782,966 $812,658 $1,111,107 $1,112,746 
Loans held for investment3,382,957 3,445,631 365,062 382,542 
Total$4,165,923 $4,258,289 $1,476,169 $1,495,288 
    
For the years ended December 31, 2025, 2024, and 2023, the Company recorded incremental charges for the excess of amortized cost over the fair value of the loans of $263.0 million, $290.2 million, and $111.2 million, respectively. To determine the fair value of the loans held for sale, the Company utilizes discounted cash flow valuation modeling, taking into account the probability of default and estimated timing and amounts of periodic repayments. In estimating the expected timing and amounts of the future periodic repayments for the loans outstanding, the Company considered other relevant market data in developing such estimates and assumptions. As of December 31, 2025, there were no material changes to the Company's estimates of fair value, and the Company will continue to evaluate facts and circumstances that could impact its estimates and affect its results of operations in future periods.
    
If applicable, the Company will recognize transfers into and out of levels within the fair value hierarchy at the end of the reporting period in which the actual event or change in circumstance occurs. During the years ended December 31, 2025, 2024, and 2023, the Company did not have any transfers in or out of Level 1, Level 2, or Level 3 assets or liabilities.